Edge of the CBD is the perfect new home says Norman Waterhouse CEO
11 JUNE 2019
A WELL-KNOWN Adelaide law firm is to be the major tenant at one of the CBD’s most recognisable buildings once an $8 million refit is completed.
Commercial lawyers Norman Waterhouse will move to 431 King William St after the property owner, Melbourne based commercial property group, Quintessential Equity, announced an extensive refurbishment of the building that sits on the corner of South Tce.
Quintessential acquired the property for $43.1 million from Adelaide property developer Con Makris late last year.
The refurb aim is to achieve a 4.5 star NABERS base building energy rating compared to its current three stars, along with substantial refurbishments to ground floor and on-floor lobbies, upgrades to bathrooms, paint works to the facade, replacements to boiler and air-conditioning systems and a new state of the art end-of-trip facilities designed to aid tenant wellbeing.
Quintessential’s general manager of asset management, Noah Warren, said the regeneration would provide an appealing home for tenants that significantly reduces the carbon footprint and future proof it for years to come.
“We really want to bring this property back to the market as a strong offering that attracts quality tenants to this area,” he said.
“There are many positive attributes, starting with a location near surrounding parklands that promote wellbeing and proximity to public transport and exceptional building amenities.”
Michael Taylor, Chief Executive Officer at Norman Waterhouse, said it was important to be in a well-situated, iconic building in Adelaide ahead of the company’s upcoming centennial next year.
“We felt the building was the right fit, which is important for us as we embark on this new and exciting phase.” he said.
“The building is well-situated with excellent connectivity into the city and it is only a short distance to the central courts district.
“The proximity to the parklands really appealed to our staff as it means they can go for a walk or a run at lunchtime and maintain a healthy lifestyle.
“The car park was also big plus given that we have over 100 staff members allowing them easy access to the office and flexibility to visit suburban and regional clients.
Quintessential has appointed leasing agents Colliers International and CBRE to complete the leasing of 431 King William St which has a 16 per cent vacancy rate.
Colliers’ Trevor Boddy, said tenants are looking for quality in the current market.
“We’re coming off challenging vacancy rates in Adelaide for the last two decades, but we’re now seeing a return to positive sentiment and increased levels of activity. The building is well placed to cater for the increasing demands of the modern tenant.”
CBRE’s Michael Pfitzner, expects that full occupancy will be achieved once the works are complete. “It appeals to tenants coming in from the suburbs who don’t want to be in the hustle and bustle of the CBD but with good public transport and carparking, it also caters for those that want to be close to the city.”
Upgrade works are set to commence this month and are expected to be completed by the end of the year.